Home improvement loan scams are generally aimed at consumers who wish to take out loans for the purpose of repairing or improving their home properties. Home improvement loan scams are often difficult to detect and sometimes difficult to regulate. This is because they frequently involve lesser monetary amounts than more major loans like first or second mortgages.
Loan scams generally involve the use of deceit or misinformation in order to get a consumer to sign off on a loan. These types of schemes may be perpetrated either by individuals or by entire loan companies seeking to make a profit.
Some examples of home improvement loan fraud and scams include:
Home improvement loan scams can also be initiated by the borrowers. Some examples of this include:
Home improvement fraud typically results in misdemeanor charges for the party that executed the scam. This can result in penalties like criminal fines, some jail time, and/or civil fines for economic damages caused to the victim. In addition, home improvement loan scams can often damage one’s credit as well as their ability to secure or issue a loan in the future.
Home improvement loans scams can often involve complex operations that are difficult to detect. Also, many scam situations do not get reported until it is too late for legal action. Thus, if you believe that you have any legal issues involving loan scams, you may wish to contact a real estate lawyer immediately. Your attorney can help investigate the situation to determine whether there has been a violation. Also, if you need to appear in court for a hearing, your attorney can help provide you with representation during the meetings.
Last Modified: 05-22-2018 06:49 PM PDTLaw Library Disclaimer
We've helped more than 4 million clients find the right lawyer – for free. Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your city or county based on the specifics of your case. Within 24 hours experienced local lawyers review it and evaluate if you have a solid case. If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can decide if they're the right lawyer for you.